Moody’s rates Agrosuper, notes Ba1

Moody’s Investors Service said it assigned Ba1 ratings to Agrosuper SA and its planned senior unsecured notes for up to $500 million.

“The Ba1 ratings assigned to Agrosuper mainly reflect its strong business profile as an integrated and diversified food producer, with solid brands and leading position in Chile's domestic market for pork, chicken and turkey, in addition to its status as the second largest global producer of salmon. The ratings also reflect Agrosuper's good asset base and capital structure and Moody's expectation that the company will maintain a prudent capital structure with conservative financial policies to protect liquidity,” the agency said in a press release.

Constraining the rating, however, is Agrosuper’s small revenue and scale relative to global and regional peers, partially offset by the diversification provided by its export revenues, Moody’s said.

Agrosuper will use the proceeds to refinance debt and for general corporate purposes.

The outlook is stable.

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